Insurance Basics
Protection against possible financial loss
What is insurance?
This type of coverage pays to fix your own car if you hit another vehicle or object
What is collision coverage
This type of provider network lets you see doctors outside the network, but it costs you more than staying in network
What is a PPO (Preferred Provider Organization)?
This part of renters insurance pays to replace your belongings if they are stolen or damaged.
What is personal property coverage?
This is the official name for the contract you sign with an insurance company
What is a policy?
A licensed person or firm that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed
What is a broker?
This part of auto insurance helps pay for car damage if you crash into another car
What Is liability coverage?
This is the fixed amount you pay for a covered doctor visit or prescription, usually due at the time of service
What is a copay?
This amount is what you pay before renters insurance starts covering your loss, usually around $250-$500
What is a deductible?
This type of health insurance plan lets you choose in network doctors for lower costs, but still gives you the option to go out of network with a referral.
What is a POS plan?
This is the amount you must pay out of pocket before your insurance company starts to pay
What is a deductible?
Florida requires drivers to carry at least 10,000 of this coverage to pay for their own medical injuries fate a crash
What is Personal Injury Protection (PIP)
This term describes the maximum amount you will pay for covered medical services in a year before your health insurance pays 100% of the remaining costs
What is the out-of-pocket maximum
A guest slips and falls in your apartment and sues you. This part of renters insurance protects you.
What is liability coverage?
This insurance professional evaluates risk and decides whether to approve your policy and how much you should pay
What is an insurance underwrite?
This is the amount of money you pay regularly to keep your insurance policy active
What is a premium?
A driver may pay higher insurance rates because this factor increases risk when they are young and have little road experience
What is driving experience (or age)
This term refers to the list of doctors and hospitals your insurance company has agreed to work with at lower costs
What is the provider network?
Your apartment becomes unlivable due to a fire and you need to stay in a hotel. This part of renters insurance helps pay for temporary housing.
What are loss of use benefits?
Your car is damaged by hail, a failing tree branch, or vandalism. This type of auto insurance helps pay for the repairs
What is comprehensive coverage?
This insurance worker uses math and statistics to figure out risk and help set premiums
What is an actuary?
This part helps pay for damage to your car from things like storms, fire, or theft
What is Comprehensive coverage?
The type of health plan required you to get a referral from your primary care doctor before seeing A specialist
What is an HMO?
This add-on to renters insurance covers damage from floods or earthquakes, which are not included in most basic policies
What is specialty coverage?
This term refers to group of doctors, hospitals, and specialists that have agreed to provide services at lower rates for your insurance plan.
What is a health plan network?